TMX Group, formerly known as TSX, is a Toronto-based exchange operator of cash and derivative markets for multiple asset classes including equities, fixed income and energy. It owns and operates the Toronto Stock Exchange and TSX Venture Exchange. TSX rebranded following the C$1.3 billion acquisition of the Montreal Exchange in 2008.[1]

TMX Group ranked 22nd among global derivatives exchanges by volume in 2016, with 201.1 million contracts traded, up from 179.9 million contracts a year earlier, according to Futures Industry Association annual volume figures.

Luc Bertrand stepped down from his position as the deputy chief executive officer of TMX Group and president and chief executive officer of Montreal Exchange Inc. in 2009.[7]. He is currently spokesman for Maple Group Acquisition Corporation, which subsequently acquired TMX Group.

In February of 2011, the London Stock Exchange Group PLC (LSE) announced a proposed merger with TMX. TMX shareholders were due to vote on the LSE merger proposal on June 30, 2011 with a two-thirds majority required for approval.[8][9] However, TMX Group and London Stock Exchange Group terminated the proposed deal on June 29, saying they had determined they wouldn't receive enough shareholder support to complete the transaction.[10]

TMX acquired Atrium Network, a global extranet and wireless services business, in 2011 and rebranded it TMX Atrium.[11] It later sold the business to the Intercontinental Exchange in 2017.[12]

In November of 2012, TMX Group announced it would close down the listings business of its newly-acquired Alpha bourse and cut 100 jobs that year. The announcements came as TMX reported its first earnings as an enlarged company following its purchases of Alpha and CDS. Alpha continues to operate as a marketplace. [13]

On August 12, 2014 TMX announced that Tom Kloet had agreed to remain in the role of CEO until October 31, 2014 (he had previously been scheduled to leave at the end of August) and that the board of directors was actively engaged in the search for TMX Group's next chief executive officer.[14]

In October 2014 TMX Group announced that it would introduce minimum order sizes for brokers and a speed bump on its Alpha Exchange starting in June 2015 in a move to slow down high-frequency traders and simplify the nation’s equity markets. TMX received regulatory approval on August 19, 2015 for a "Long Life order type" on Toronto Stock Exchange (TSX). These orders will have a minimum resting time, and in return they will get priority over other orders at the same price.[15]

In June of 2015 TMX Group embarked on a reorganization initiated CEO by Lou Eccleston as a result of a six-month review of operations. As part of the reorganization, TMX said it was looking to hire a sales chief and that the new executive would focus on commercial strategy and client experience to help fend off competition from rivals, pitch products to investors and attract new stock issues.

TMX also said the head of its Canadian Depository for Securities unit, Jean Desgagne, would add operations, technology, transaction services and procurement to his expanded brief as head of global enterprise services, and the company's head of information technology, Brenda Hoffman, would leave by the end of July.[16] TMX also sold its Equicom Group investor-relations unit to National Public Relations in July 2015 for an undisclosed amount.[17]

Also in June 2015, TMX said it would launch a new platform called AgriClear for U.S. and Canadian ranchers to buy and sell cattle electronically. The initiative is an effort by Eccleston to leverage the exchange operator’s trading and clearing expertise as a way to open up new sources of growth.[18] AgriClear would enable prospective U.S. or Canadian buyers and sellers to use a mobile phone to view video of live cattle, negotiate, transact and arrange delivery. Cattle sales are currently handled through auctions or directly between buyers and sellers. [19]

Contract Volume

Year

Total Annual Volume

Percent Change

2016

201,119,409

11.8%

2015

179,942,000

6.8%

2014

168,474,076

8.2%

2013

155,753,473

(-)25.6%

2012

209,352,769

3.8%

2011

201,660,687

48.2%

2010

136,051,028

--

2016

Exchange

Volume

Percent Change

Boston Options Exchange

109,202,724

5.7%

Montreal Exchange

91,916,685

19.9

TMX Group

201,119,409

11.8%

Key People

Lou Eccleston is chief executive officer of TMX Group Inc.[20] He was named to that position on November 3, 2014.